We moved all our users to the Office 2016 C2R (O365) desktop applications last year and we are successfully using the latest Jive for Office and Outlook connectors with these applications. We are just about to start looking at the O365 integration and I believe this is geared more towards the online Office apps and SharePoint Online integration, so it probably depends on what you're looking to achieve.

Ted Hopton has had both running simultaneously (reg Jive for Office/Outlook plugins, and O365 integration). So I'm sure you can go whichever way best suits you (if you haven't figured that out already).